Apple finally announced the updated version of the iPad on Wednesday -- with a slimmer profile, lighter weight, and better performance.

Apple Insider reported that the company's marketing chief Phil Schiller said that the iPad Mini 4 is going to be better than ever, but weighing at just 0.65 pounds, with the same internal process as the iPad Air 2.

What does that mean?

That it comes complete with Apple's A8X processor, M8 motion coprocessor, Touch ID Sensor, and 1GB of RAM. For photographers, the new iPad Mini includes an updated 8-megapixel rear camera as well.

The iPad Mini 4 will be part of Apple's Lower End of products, starting at $399. For those who liked the iPad Mini 3, however -- take note that with the release of the fourth generation, the iPad 3 will be faced out as the company stops selling them.

That's a bit harsh, but here's a comparison of the two gadgets as noted by Engadget:

While the iPad Mini 3 is 7.5mm thick and weighs 0.75 pounds, the iPad Mini 4 is considerably thinner and lighter at 6.1mm thick and weighing o.65 pounds.

The iPad Mini 3 runs on the iOS 8 with an Apple A7 processor, while the Mini 4 runs with the latest iOS 9 with the Apple A8 processor.

The rear camera has also been upgraded, from the iPad Mini 3's 5MP iSight, to the Mini 4's 8MP version -- however both will still have f/2.4 and 1080p setting.

Finally, the WiFi and bluetooth --- the iPad Mini 3 has a Dual-band 802.11a/b/g/n WiFi connection with a v4.0 bluetooth, while the iPad Mini 4 is set to have a Dual-band 802.11a/b/g/n/ac WiFi connection with the v4.2 bluetooth.

As for the rest of the specs and features, they will essentially be the same. Both gadgets will boast of a 7.9-inch IPS LCD retina display, with a 2,048 x 1,536 (326 ppi) resolution, an option of 16 / 64 / 128 GB internal memory storage, Lightning ports, and 1.2MP FaceTime front cameras. There is also the cellular radio, which is optional for any of the following: GSM/EDGE, CDMA, UMTS/HSPA/, HSPA+/DC‑HSDPA, LTE. Then both models are noted to have accelerometers, gyroscopes, and 10 hours of battery life.

The iPad Mini 4 is replacing previous minis on the market, and in case you're wondering, CNet noted that it will start at $399 for the 16GB model, up to $599 for the 128GB model. It will cost another $130 for those who want 4G LTE which means that those models will range from $529 to $729.